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3 cards from this section. Quick, good the night before a test.
What does the Reliability Index indicate?
Think about safety and reliability.
Define Bayesian Updating in one sentence.
Consider how new data could change our understanding.
What does a higher Reliability Index indicate?
Think about how safety and risk levels are related.
True or False: Bayesian updating can only be applied before collecting new data.
Consider when data collection actually occurs.
Create a theoretical scenario using a reliability index to decide whether to close a bridge for repairs. Consider the available data, potential risks, and the impact of failure.
Consider what factors would affect reliability.
Design a simple Monte Carlo simulation in a spreadsheet to model the financial risk of a construction project impacted by varying material costs and labor rates. What conclusions can you draw?
Identify key cost variables first.
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